Common use of Hazard Insurance and Condemnation Awards Clause in Contracts

Hazard Insurance and Condemnation Awards. If Lead Lenders becomes aware of any damage to or actual or potential condemnation affecting any material portion of the Real Property, Leasehold Rights and/or Collateral securing the Loans, Lead Lenders will promptly notify Lenders thereof. The proceeds of any insurance recovery or condemnation award received by Lead Lenders and not immediately disbursed or applied to the repayment of the Loan or not otherwise distributed by Lead Lenders shall be deposited in an interest-bearing account, in trust for all lenders, and the income, if any, received by Lead Lenders from such account and not payable to others shall be shared with the Lenders in accordance with terms of this Agreement.

Hazard Insurance and Condemnation Awards. If Lead Lenders becomes become aware of any damage to or actual or potential condemnation affecting any material portion of the Real Property, Leasehold Rights and/or Collateral securing the Loans, Lead Lenders will promptly notify Lenders thereof. The proceeds of any insurance recovery or condemnation award received by Lead Lenders and not immediately disbursed or applied to the repayment of the Loan or not otherwise distributed by Lead Lenders shall be deposited in an interest-bearing account, in trust for all lenders, and the income, if any, received by Lead Lenders from such account and not payable to others shall be shared with the Lenders in accordance with terms of this Agreement.

Hazard Insurance and Condemnation Awards. If Lead Lenders Lender becomes aware of any damage to or actual or potential condemnation affecting any material portion of the Real Property, Leasehold Rights Property and/or Collateral securing the LoansLoan, Lead Lenders Lender will promptly notify Lenders Lender thereof. The proceeds of any insurance recovery or condemnation award received by Lead Lenders Lender and not be immediately disbursed or applied to the repayment of the Loan or not otherwise distributed by Lead Lenders Lender shall be deposited in an interest-bearing account, in trust for all lendersthe Lenders, and the income, if any, received by Lead Lenders Lender from such account and not payable to others shall be shared with by the Lenders in accordance with terms of this Agreement.